The decision awards JP Morgan a substantial reimbursement for legal costs incurred during both the initial claim and the appeal related to their dispute over the payments company Viva.
A spokesperson for JP Morgan stated that the bank is satisfied with the outcome, emphasizing that after the appeal ruling issued two weeks ago, the court has confirmed JP Morgan as the overall winner. As a result, WRL is required to cover a substantial portion of the bank’s legal costs for the proceedings. The final amount to be paid is yet to be determined.
According to the court ruling, WRL must reimburse JP Morgan for 70% of the legal costs related to the proceedings leading up to the issuance of court orders, as well as 35% of the costs incurred during the appeal. Additionally, within 14 days of the ruling, WRL is required to pay JP Morgan £865,000 to settle an interim payment previously made under court orders, plus interest calculated from July 16, 2024. The interest will initially be set at 1% above the Bank of England’s base rate, before increasing to the statutory Judgments Act rate (1838) after 14 days.
Furthermore, WRL must pay an additional £1.2 million to cover legal expenses, with interest applied at 1% above the Bank of England’s base rate from the date the costs were incurred. If the payment is not made within three months of the ruling, the interest rate will shift to the statutory rate outlined in the Judgments Act of 1838 until full repayment is completed.
